Recent years have witnessed a huge increase in the popularity of cryptocurrency exchanges. Cryptocurrencies are gaining popularity, and more businesses are competing to give the finest crypto exchange. As a result of so many alternatives, it may be complicated for users to select the best cryptocurrency exchange platform. Therefore, while launching a Remitano clone crypto exchange platform there are some critical factors to consider in order to acquire a competitive edge.
Cryptocurrency Exchange Overview
A cryptocurrency exchange is an online marketplace where a wide range of crypto assets may be bought, sold, or exchanged without any risk. In the digital world, cryptocurrency trading is often regarded as the best business strategy for generating profit. Moreover, it is one of the rising business concepts that have made numerous crypto businesses millionaires. There are many ways to make money with a Remitano clone script, which is why it’s a good idea to start developing one.
Types of Cryptocurrency Exchange Platforms
- Centralized Exchanges (CEX)
Centralized exchanges (CEX) are the most frequent kind of crypto trading. A centralized administrator or third-party service is used to facilitate transactions on such web portals. This third party, which is responsible for the security, functioning, and assistance in locating trading partners, is trusted by the customers. Recording all transactions in an order book is the responsibility of the central exchanges.
- Decentralized Exchanges (DEX)
Unlike centralized cryptocurrency exchanges, which rely on middlemen, decentralized platforms do not. DEXs employ blockchain technology or decentralized registries to let users transfer funds directly between their wallets and the wallets of other users. The primary server or any third-party entity has no authority over the buying and selling of cryptocurrencies.
- Peer-To-Peer Exchanges (P2P)
Users can sell and buy cryptocurrencies directly from one another on these exchanges. There is a bidding process in which traders make their proposals, which other users can reply to and agree to. P2P exchanges solely use the software as an intermediary to move cryptocurrency from sellers’ deposits to purchasers’ wallets in a secure manner.
- Instant Exchangers
Trading cryptocurrencies instantly is a breeze thanks to instant crypto exchanges. They enable customers to immediately convert one cryptocurrency to another due to their access to the greatest trading pairings rates. It is common for instant crypto exchanges to collect prices and liquidity from a variety of custodial systems. These sites make it simple to sign up and trade currencies. Money is received and deposited immediately into customers’ wallets through instant crypto exchanges.
- Other Kinds of Cryptocurrency Exchanges
Centralized and decentralized crypto exchanges may both be found on hybrid platforms, which integrate the best features of both types of exchanges. For example, third-party exchanges can be used to provide people with more control over their assets. Requests and transactions are encrypted, timestamped, and recorded on the blockchain, while order confirmations take place on a third-party node outside the network.
Remitano Business Model
Remitano is a Seychelles-based cryptocurrency exchange. The platform allows peer-to-peer crypto purchases and sales with escrow utilizing a variety of payment options. As an escrow service for cryptocurrency exchanges, the platform serves as a middleman between buyers and sellers of digital currency. Specifically, this is how the algorithm of Remitano works:
- Each party to the transaction has agreed on the price and terms in advance.
- After transferring the cryptocurrency to the Remitano wallet, the seller waits for the funds to be sent to their account before releasing the coins.
- The money is transferred from the buyer’s account to the seller’s. When a crypto seller receives payment, the transaction is confirmed on the Remitano website.
- The buyer receives the “frozen” coins.
The escrow rate changes based on how you pay. Bitcoin transactions may be completed within an hour, but bank transfers can take up to three days to complete and international bank transfers can take up to five banking days.
Whenever there are issues, the support service will work with both parties to fix the situation. To cover the costs of its escrow and intermediary operations, Remitano charges a fee of 1% of the total transaction value. When placing an order, the charge is automatically applied to the total. It includes both the Remitano margin and the fee paid to miners for validating the transaction on the blockchain.
Components of a Cryptocurrency Exchange Platform
A Huge Community of Dedicated Individuals
To develop a successful cryptocurrency exchange, you need a large number of buyers and sellers. To begin trading, the owner will need to put up a substantial sum of money. In spite of this, the tiny audience means that trading activity will ultimately shift, rates will diverge significantly from other exchanges, and large cash will be swiftly dissipated.
A supplier-demand equilibrium and rate stability are therefore essential concerns for the business owner in times of high demand.
High-Speed Server Capabilities
Orders from customers must be handled immediately. When users trade at fixed prices, the rates continually fluctuate. As a result, certain exchanges guarantee that the order will go through and reimburse any charges that may arise for the consumer. Memory caching is used to increase the performance of the crypto converter. However, this cannot be achieved at the price of calculation accuracy, as a crypto exchange demands great performance.
A cryptocurrency exchange’s foundation is built on the security of its platform. Hackers frequently target digital trades; therefore your application needs to be secure. Malicious behavior that is undertaken with the intent of causing harm might come from outside the team or from inside. Apart from cybercrime, a variety of factors might contribute to a cryptocurrency exchange’s downfall.
When you give someone access, you have to be careful. Damaged hardware and software might also have unfavorable results. When dealing with large numbers, such issues might have a detrimental effect on your money.
Cryptocurrency Exchange App Development Process
Identify the Issue
You must thoroughly investigate your client’s issues and the areas of their discomfort. Take a look at the existing solutions available on the market to see how your application can stand out and solve difficulties for users.
Choose a Platform
Before you begin the development of crypto exchange software, you must choose the sort of trading platform you’ll use.
To be able to make an informed choice, you must be familiar with the many types of cryptocurrency exchanges now available on the market. Choosing the right platform is essential because it will impact the performance of the applications and how it develops unique web apps without the need to write Blockchain code from the ground up.
An Initial Design Prototype
After settling on a platform and model style, it’s time to get started. Evaluate which blockchain model is most suited to your company’s needs by analyzing the many options available.
It is likely that you will want to develop your own API, despite the fact that there are hundreds of pre-built APIs available. Along with data verification and address generation, it will be used to connect with smart contracts, handle data, and analyze the statistics.
Testing of Apps
When you’re convinced that your application is functional, run it through a variety of tests to be sure. Crash, memory leaks, storage problems, latencies, or other performance constraints can be found by using the MVP approach to test your software.
Best Practices for Designing a Cryptocurrency Exchange
The adoption of blockchain services and crypto-related processes has progressed from a specialized niche to a broader market. A CAGR of 12.8% from 2021 to 2030 is predicted for the cryptocurrency market, bringing its total value close to $5 billion. Make your platform accessible and easy to use by following these UI/UX design best practices.
User research is the first step in determining your business objectives, audience needs, and marketplace details. Document the project’s needs, including a timeline and deliverables. Using this data, your tech partner may undertake efficient qualitative research, including user testing, surveys, and competition analyses. UX innovations and a smooth customer journey can only be developed using this knowledge.
A visual prototype of the future trading platform should be built before tackling full-fledged design. This step will allow you to evaluate UX solutions and fix any possible difficulties. The effectiveness of user-system interactions and the functionality of implemented features may be evaluated using a prototype that has been put to the test on actual people.
When developing an app, it doesn’t matter what features you choose to emphasize; instead, use them intelligently for the benefit of your consumers. If you’re not certain that your platform’s functionality will be outcome-driven, begin by developing an MVP. It will assist you to determine the product’s feasibility and the feature’s significance without increasing your budget.
Be proactive in addressing issues like a shortage of tokens and currencies, poor customer assistance, excessive limits, and so on.
Whether it’s a cryptocurrency exchange or a standard financial product, any platform that facilitates crypto or fiat transactions must be trustworthy and simple to use. People are less likely to trust a transaction that appears complicated and confusing, so make sure the user experience is simple and easy to follow.
Interface That Is Both Simple and Intuitive
Customers are more likely to stick around if your platform has an easy-to-use UI that is easy to navigate. Here are a few things you can do to strike the appropriate balance between the UI and UX of your crypto exchange app:
- Graphics and animations should not be overused. Modernize the look while keeping it simple.
- Create an easy-to-use dashboard. Make it clear and accurate because it’s one of the most important tools for users.
- Colors may be a powerful tool but use them wisely. Grouping and displaying data may help convey your brand’s identity and communicate its message.
Important Features To Consider While Developing A Crypto Exchange App Like Remitano
Verification and Authorization
Verification is critical to ensuring the integrity of the transaction and reducing the risk of fraud. To keep users safe, developers should eliminate all possibilities of account takeover. Moreover, you must ensure that the crypto exchange complies with all applicable international regulations. The signup process should be simple and speedy. The registration process may be made more efficient and uniform with good UX/UI design.
To build a cryptocurrency exchange platform, you need to supply consumers with the most popular e-wallets. There should be a secure way to withdraw virtual cash and exchange it for fiat currency using electronic wallets.
Your crypto exchange’s trading engine is its foundation. Your platform’s functionality is dependent on this part of it. For example, it keeps tabs on the money in users’ accounts, makes graphical representations, finds the best deals, and so on. As a result, one of the most difficult tasks is to create an engine for a crypto exchange.
Charts and Dashboards
The ability to compare cryptocurrency exchange rates and monitor historical exchange rates is essential for any trader using a dashboard. Users should get round-the-clock support from your application via an AI-based automated application or chatbot.
In order to keep an eye on the current status of traders, wallets, and transactions, this feature should be considered. The automated check system identifies and warns administrators of unexpected user activity. Compliance with the crypto exchange’s legal procedures may need adding KYC/AML modules and reporting/analytical capabilities to the admin interface.
The Order Book and the History of Transactions
A cryptocurrency order book is a collection of open orders to purchase or sell the currency. Grouping orders for buying and selling into distinct lists is done automatically by an online exchange. An automatic contract is made when two people find a fit in their interests. Orders that have been completed are removed from the order book and added to the transaction history, making it easier for users to keep track of their purchases.
Alerts and Notifications
Notifications are sent to users when there are major changes on the exchange that need their attention. Alerts may be set up to notify users when certain trading pairs’ prices or other key indicators change. When it comes to notification systems, they should be useful and customizable rather than mandatory and irritating.
With crypto markets always changing and evolving, your consumers will need to be kept up to date on the latest news. As a result, the user experience and convenience of your product may be improved by using effective analytical solutions. You can help them track this data in real-time by providing suitable analytical tools and integrations.
Basic Security Configuration
Cryptocurrency trade is inextricably linked to sensitive data, personal information, and financial transactions. As a result, a high level of system security is an absolute necessity. Guarantee the security and integrity of your platform to give your consumers peace of mind that their personal information and money are secure with you. Avoid any leaks or breaches at any costs.
Integration Of Bank Cards
It will be great for the users of your exchange platform if they are allowed to make all transactions with their credit cards. Cryptocurrency exchanges should be as simple as exchanging dollars for Bitcoins and vice versa. Your consumers will be able to top up their wallets and withdraw money using their Visa or MasterCard if you integrate bank cards.
Arbitration enables users to simply compare cryptocurrency exchange rates and profit from successful trades across several platforms. The popularity of your platform will soar if you allow your consumers to do crypto trading across various exchanges.
Integration of NFTs
It is possible to own any digital item, such as a work of art, a video clip, a gaming character, or any other kind of digital representation through the use of Non-Fungible Tokens (NFT). Even though NFTs are built on the blockchain, they cannot be exchanged for other currencies or tokens. Therefore, it is incorrect to refer to them as currency.
However, as NFTs are built on the same technology as Bitcoin, Ethereum, and other cryptocurrencies, they come out as attractive assets for trading on a trading platform. Adding NFTs integration to your product will help you reach a wider audience since NFTs’ popularity is on the rise.
There has been steady growth in the digital currency business over the last few years. Even if the demand for cryptocurrency apps has increased significantly in recent years, many consumers are yet to invest in them. Hence, you must immediately invest in the creation of a cryptocurrency exchange like Remitano to take advantage of the millions of opportunities available in this field.
Zahir is the Head of Digital Marketing at Appinop Technologies with expertise in blockchain content writing and designing. He loves to read and write about new technologies like Blockchain, Web 3.0, Meta-verse, etc. In his spare time, he enjoys watching reels of cats and dogs.